A surge in registered patents related to virtual industrial monitoring reflects its essential role in helping mining companies meet stringent safety standards and green rules, analyst house GlobalData indicated.
The data company stated the number of related patent filings had experienced substantial year-on-year growth with 512 made in 2023 compared to 190 in the prior year, asserting the increase showed the sector’s growing dedication to using digital systems for improved compliance and operations.
Using advanced IoT and AI technologies provides mining companies with continuous monitoring and detailed reporting which allows them to meet stringent regulatory standards in place within the segment, it noted.
GlobalData project manager for disruptive tech Vaibhav Gundre said: “The rising patent activities reflect the mining sector’s strategic pivot towards digital innovation. The broader sector trend focuses on cloud-based virtualisation and predictive analytics, coupled with advancements in scalable and adaptable monitoring systems.”
He continued: “These innovations are not only streamlining operations but are also setting new benchmarks for regulatory compliance, enabling mining companies to manage environmental and safety risks more effectively,” though noting continuous innovation was “crucial” to sustain the progress made.
Potential issues cited by the analyst which still need to be tackled were around technological integration and scalability.
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